|BILL AS INTRODUCED||2007-2008|
Introduced by Representative Jewett of Ripton
Subject: Conservation and development; economic development authority
Statement of purpose: This bill proposes to direct the Vermont economic development authority to access U.S. Small Business Administration guaranteed lines of credit to provide loans to fill the financing gap between traditional bank lending and venture capital.
AN ACT RELATING TO THE VERMONT ECONOMIC DEVELOPMENT AUTHORITY
It is hereby enacted by the General Assembly of the State of Vermont:
Sec. 1. 10 V.S.A. § 280z is added to read:
§ 280z. FINANCING GAP PROGRAM
The authority shall develop a financing program with U.S. Small Business Administration guaranteed contract lines of credit independently or with other partners to provide capital to fill the financing gap between traditional bank lending and venture capital.
The Vermont General Assembly
115 State Street